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LVI REPORTS RESULTS FOR FIRST QUARTER 1993

 NEW YORK, May 4 /PRNewswire/ -- The LVI Group Inc. (NYSE: LVI) today reported a net loss applicable to common stock of $367,000 on revenues of $10,194,000 for the quarter ended March 31, 1993. This compares to net income applicable to common stock of $180,000 on revenues of $9,071,000 for the comparable period in 1992. Included in the results for the first quarter 1992 is a net recovery of $350,000 from a previously reserved accounts receivable of the company and a gain from utilization of a net operating loss carryforward of $54,000.
 Per share earnings translate to a net loss of $.033 per share for the quarter ended March 31, 1993 based on a weighted average number of 10,963,000 common shares outstanding as compared to a net income of $0.16 per share for the similar period in 1992 based on a weighted average number of 10,963,000 common shares outstanding. Per share earnings for the quarter ended March 31, 1992 include a gain of $.005 per share from utilization of a net operating loss carryforward.
 On Feb. 26, 1993, the company announced that it had reached a definitive agreement on a restructuring proposal with representatives of certain holders of the outstanding Class A and Class B Senior Secured Redeemable Notes (the notes) of NICO, Inc., the company's principal wholly-owned subsidiary. The closing is contingent upon participant by holders of at least 95 percent of the outstanding principal amount of each class of notes and the satisfaction of certain conditions and, therefore, no assurance can be given that the proposed restructuring, which is scheduled to close shortly will be effected.
 THE LVI GROUP, INC. AND SUBSIDIARIES
 Financial Summary
 Condensed Consolidated Statement of Operations
 (Unaudited)
 Quarter ended March 31, 1993 1992
 Revenues earned $10,194,000 $9,071,000
 Operating income (loss) (200,000) 432,000
 Income (loss) before extraordinary
 item (367,000) 126,000
 Extraordinary item:
 Utilization of net operating
 loss carryforward -- 54,000
 Net income (loss) (367,000) 180,000
 Net income (loss) per common share:
 Before extraordinary item $ (.033) $ .011
 From extraordinary item -- .005
 Net income (loss) per common share $ (.033) $ .016
 Weighted average number of common
 shares outstanding 10,963,000 10,963,000
 Net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the periods. Fully diluted earnings per share is not shown since the effect would be insignificant for each of the periods.
 -0- 5/4/93
 /CONTACT: Burton T. Fried, president of The LVI Group, Inc., 212-951-3660/
 (LVI)


CO: LVI Group Inc. ST: New York IN: SU: ERN

LD-TM -- NY088 -- 4570 05/04/93 17:27 EDT
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Publication:PR Newswire
Date:May 4, 1993
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